Candriam Luxembourg S.C.A. Increases Position in Progressive Corporation (The) (NYSE:PGR)

Candriam Luxembourg S.C.A. raised its stake in Progressive Corporation (The) (NYSE:PGR) by 12.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,434 shares of the insurance provider’s stock after buying an additional 13,102 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Progressive Corporation (The) were worth $5,354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cypress Capital Management LLC WY acquired a new position in shares of Progressive Corporation (The) during the second quarter valued at about $106,000. Howard Hughes Medical Institute bought a new stake in Progressive Corporation (The) during the first quarter worth approximately $110,000. Cornerstone Advisors Inc. raised its position in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares in the last quarter. Wendell David Associates Inc. acquired a new position in Progressive Corporation (The) during the first quarter worth about $204,000. Finally, Intrust Bank NA acquired a new position in Progressive Corporation (The) during the first quarter worth about $205,000. 80.32% of the stock is owned by institutional investors and hedge funds.

Shares of Progressive Corporation (PGR) traded down 0.41% during mid-day trading on Thursday, reaching $48.51. The company had a trading volume of 3,891,341 shares. The firm’s 50-day moving average is $46.36 and its 200 day moving average is $41.86. The company has a market capitalization of $28.19 billion, a price-to-earnings ratio of 20.64 and a beta of 0.86. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $48.98.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter in the previous year, the business posted $0.33 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, equities research analysts predict that Progressive Corporation will post $2.48 earnings per share for the current year.

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Several brokerages have issued reports on PGR. Citigroup Inc. lifted their target price on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Wednesday. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Barclays PLC upped their target price on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an “underweight” rating in a research note on Friday, August 11th. Finally, Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and three have given a strong buy rating to the company. Progressive Corporation (The) currently has a consensus rating of “Buy” and an average target price of $45.21.

In related news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the sale, the insider now owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,100 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $41.55, for a total transaction of $45,705.00. Following the sale, the insider now directly owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,100 shares of company stock valued at $3,168,605. Corporate insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.